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The investigation revealed that Emefiele allegedly spent a staggering N18 billion to print one billion pieces of N100 banknotes and produce 5,000 acrylic blocks. These items were part of the celebrations for Nigeria’s centenary in October 2014.
Here’s a breakdown of what the investigation uncovered:
The Centenary Project and the Alleged Misconduct
In September 2014, as Nigeria prepared to celebrate its 100th year, Godwin Emefiele, who was the CBN Governor at the time, allegedly initiated the process to print commemorative N100 notes and produce acrylic blocks. Acrylic blocks are typically used for photopolymer stamping, a technique often employed for high-quality printing.
However, instead of following the proper channels outlined in the CBN Act of 2007, Emefiele reportedly bypassed the CBN Board. The law clearly states that any currency issued by the CBN must be approved by the President, but only after the CBN Board has made its recommendations.
In this case, Emefiele allegedly went straight to then-President Goodluck Jonathan, seeking approval without involving the Board. This move was a clear violation of the established protocol.
The Contract and the Alleged Corruption
The contract for printing the notes and producing the acrylic blocks was awarded to Crane Currency, a Swedish company known for its expertise in banknote printing. The total contract was valued at $121,660,000, which at the time was equivalent to about N18.9 billion.
On September 17, 2014, the contract was finalized, and the CBN made an advance payment of $72,996,000 to Crane Currency through its Nigerian subsidiary. This payment represented 60% of the total contract value.
However, investigations revealed that only $39,848,991.90 of this amount was actually transferred to Crane Currency. The remaining $32,716,050 was allegedly held back, converted to Naira at the rate of N162 per dollar, and funneled into the account of Crane Currency’s Nigerian subsidiary.
The Allegations of Over-Inflation and Fraud
The EFCC’s investigation suggests that the contract was deliberately inflated to benefit certain high-ranking officials within the CBN and their external collaborators.
The N5.3 billion, which represented the difference between the official amount transferred and the amount held back, was reportedly shared among these individuals.
This discovery highlights a serious breach of trust and abuse of power, where a significant portion of public funds meant for a national project was diverted for personal gain. The investigation has so far led to the recovery of N3,180,236,254.42 from those implicated in the fraud.
However, sources within the EFCC have indicated that there is pressure from various quarters to have these recovered funds released, with some claiming that the funds were legitimate proceeds from business transactions.
The EFCC’s Response
The EFCC has confirmed that they are actively investigating the matter, but they have been tight-lipped about the details. When contacted, EFCC’s spokesperson, Dele Oyewale, stated that their team is still working on the case, and more information will be made available as the investigation progresses.
Conclusion
The revelations about Godwin Emefiele’s actions as CBN Governor raise serious questions about governance and accountability in Nigeria’s public institutions.
The fact that such a significant amount of money could be misappropriated under the guise of a national project is troubling.
The ongoing investigation by the EFCC is crucial in ensuring that those responsible are held accountable and that the funds are recovered and returned to the public treasury.
This case serves as a reminder of the need for transparency and strict adherence to the law in the management of public resources.
